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BREAKING: FCA fines Ghana International Bank £5.8M (€6.7M) for AML/CFT failures

By Elizabeth Hearst for AMLi

The UK’s Financial Conduct Authority (FCA) has fined Ghana International Bank (GIB) £5.8M (€6.7M) for poor AML/CFT controls over its correspondent banking activities.

Between January 2012 and December 2016, GIB did not “adequately perform the additional checks required” when it had established relationships with overseas banks and “failed to demonstrate it had assessed those banks’ anti-money laundering controls.”

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